Step 10: Set Your Price

Seven Pricing Pointers

1. Don't shy away from charging a fair price for your offerings--you deserve to be rewarded for your time, talent, risk and investment.

2. Keep your price within the range of what customers are willing to pay.

3. Remember that prices for the same products and services vary dramatically by geographic location.

4. The price you can expect to receive is determined in part by your distinct background, talents and skills.

5. Check out the rates of local competitors before settling on a price.

6. When estimating your expenses, consider costs associated with bookkeeping, travel, research, telephone calls, mailing and delivery.

7. Don't set a price so low that it endangers your financial well-being or your sense of self-worth.

Contact Sources

Let's Go Party LLC, 4531 Manorview Rd., Baltimore, MD 21229, (410) 624-0584.

Meg-A-Nut Inc., 1574 Buttitta Dr., Streamwood, IL 60107, (630) 837-2551.

Proudfoot Wearable Art, 1402 Bridegeport Ln., Alexandria, MN 56308, (320) 763-4904.

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This article was originally published in the March 1997 print edition of Entrepreneur with the headline: Step 10: Set Your Price.

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